Naira fall continues, drops to N1,405 to dollar at parallel market

The Naira on Thursday further depreciated to N1,405 per dollar at the parallel market, from N1,305 per dollar on Wednesday, continuing its recent slide after weeks of rapid appreciation during which it was rated the best performing currency globally.

The currency had on Wednesday, depreciated to N1,305 per dollar in the parallel market, from N1,255 per dollar on Tuesday.

The continued depreciation comes despite the CBN approval for sell of $10,000 at N1,021 to eligible BDC’s on Tuesday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,309.88 per dollar on Thursday.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,309.88 per dollar from N1,308.52 per dollar on Wednesday, indicating N1.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N95.12 per dollar from N45.15 per dollar the previous day.